There has been a reported rise in baby boomers who are going through a
divorce. This brings a whole host of complications that are unique to
divorce cases. Many of these couples do not have children, and while those
types of divorces can often be simpler to finalize right away, what does
become more complicated is the issue of money.
Suffice to say, the older you are, the longer you have been working and
saving your money. For baby boomers on the verge of retirement or already
retired. Many of the disputes in baby boomer divorces revolve around money.
Find Counsel for Your Divorce Case
As Collin County divorce attorneys, we can provide you with the advice
you need to help you through this process. We urge you to reach out to
your financial advisors, tax specialists, business appraisers, and any
other associates whom you trust, as this is an important part of the entire process.
Keep in mind these pieces of advice if you are a baby boomer going through divorce:
In Texas, all spouses who are divorcing are entitled to fair and equitable
distribution of their assets and estate. This does not necessarily mean
all of the items will be split down the middle 50/50. It is possible that
the spouse who earned less during the marriage could actually receive
more in the settlement.
Some insurance benefits will be valid for a certain period of time following
a divorce. As we age, our dependence on health care is critical, and it
can become costly without insurance. Find out how long your insurance
benefits will last and then
Do you have a 401k, IRA, pension, or Social Security? Depending on your
particular retirement plan, some ex-spouse can still continue to receive
the benefits. For example, many couples can still receive Social Security
benefits after divorce. Be sure to check with your particular plans to
check whether or not your benefits will continue.
Alimony in Texas is also referred to as “spousal maintenance”
is not automatically granted. This will need to be worked out as part
of your settlement terms. Based on the information provided, the courts
will decide on the appropriate amounts to award. Even then, the courts
only award alimony with consideration to very limited or extreme situations.
We urge you to consult with our Collin County divorce attorneys to create
a plan to make the most of the alimony benefits.
For more information and assistance with your divorce needs, contact CokerLegal
today to request your free consultation. We can familiarize you with the
laws and what benefits you may be entitled to.